v3.26.1
Balance Sheets Components
 6 Months Ended
Jun. 30, 2026
Balance Sheet Related Disclosures [Abstract]  
Balance Sheets Components Balance Sheet Components
Accounts Receivable, net
Accounts receivable, net consisted of the following:
As of
June 30, 2026December 31, 2025
(in thousands)
Accounts receivable, gross$88,756 $45,090 
Allowance for credit losses(50)(50)
Accounts receivable, net$88,706 $45,040 
Inventories
Inventories consisted of the following:
As of
June 30, 2026December 31, 2025
(in thousands)
Raw materials$13,794 $13,572 
Work in progress70,768 47,485 
Finished goods19,342 20,500 
Total inventories$103,904 $81,557 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
As of
June 30, 2026December 31, 2025
(in thousands)
Prepaid expenses$8,580 $6,761 
Other current assets11,534 7,514 
Total prepaid expenses and other current assets$20,114 $14,275 
Property and Equipment, net
Property and equipment, net consisted of the following:
As of
June 30, 2026December 31, 2025
(in thousands)
Lab and manufacturing equipment$180,963 $158,909 
Computer equipment4,161 3,928 
Furniture and fixtures1,201 1,152 
Construction in progress15,513 15,885 
Leasehold improvements9,016 8,303 
210,854 188,177 
Accumulated depreciation(96,467)(83,063)
Total property and equipment, net$114,387 $105,114 
Depreciation expense related to property and equipment was $7.0 million and $5.9 million for the three months ended June 30, 2026 and 2025, respectively, and $13.4 million and $11.0 million for the six months ended June 30, 2026 and 2025, respectively.
Intangible Assets, net
Intangible assets, net consisted of the following:
As of
June 30, 2026December 31, 2025
(in thousands)
Gross AssetsAccumulated Amortization Net AssetsGross AssetsAccumulated Amortization Net Assets
Developed technology$166,200 $(35,286)$130,914 $166,200 $(24,534)$141,666 
Contract based royalty asset5,900 (3,810)2,090 5,900 (3,073)2,827 
Purchased software4,098 (1,079)3,019 3,454 (581)2,873 
Total intangible assets$176,198 $(40,175)$136,023 $175,554 $(28,188)$147,366 
Amortization expense for intangible assets was $6.0 million and $3.9 million for the three months ended June 30, 2026 and 2025, respectively, and $12.0 million and $7.8 million for the six months ended June 30, 2026 and 2025, respectively.
The estimated aggregate future amortization expense for intangible assets subject to amortization as of June 30, 2026 is summarized as below:
(in thousands)
2026 (remainder)$12,011 
202723,690 
202821,924 
202919,931 
203019,816 
2031 and beyond38,651 
$136,023 
Other assets
Other assets consisted of the following:
As of
June 30, 2026December 31, 2025
(in thousands)
Equity investment$20,000 $— 
Prepaid expenses1,928 1,235 
Other assets2,363 518 
Total other assets$24,291 $1,753 
The Company holds a non-marketable equity investment in a privately held company. This investment is accounted for under ASC 321, Investments - Equity Securities, and is carried at cost, adjusted for observable price changes and impairments. The carrying value of such investment was $20.0 million as of June 30, 2026. During the period, the Company recognized no impairment or observable price adjustment to this investment.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
As of
June 30, 2026December 31, 2025
(in thousands)
Accrued payroll and related benefits$18,850 $14,007 
Revenue reserves2,916 3,655 
Sales-based earnout liability, current32,908 35,007 
Short term lease liability4,370 2,478 
Other accrued expenses21,797 7,531 
Total accrued expenses and other current liabilities$80,841 $62,678 
Other Non-current Liabilities
Other non-current liabilities consisted of the following:
As of
June 30, 2026December 31, 2025
(in thousands)
Sales-based earnout liability, non-current$48,445 $53,346 
Long term lease liability4,686 1,132 
Other non-current liabilities48 34 
Total other non-current liabilities$53,179 $54,512